Jason Marine Group, the supplier and installer of control and communication equipment to ships and rigs, says group revenue fell 16.9% to about $29.4 million in HY2010 from about $35.4 million in HY2009.

Profit after income tax attributable to equity holders decreased 29.6% to about $2.4 million in HY2010 from about $3.5 million in HY2009.

The decrease is mainly due to the fall in revenue from the sale of goods during HY2010 as the demand for new vessels softened during the financial period following the global economic downturn.

The group’s gross profit decreased by about $1.2 million or 14.3% to about $7.6 million in HY2010 from about $8.8 million in HY2009 in line with the decrease in revenue. Nonetheless, gross profit margin increased to 25.7% in HY2010 from 24.9% in HY2009 due mainly to the decrease in bonuses as well as higher gross profit margin from rendering of services as the group outsourced lesser maintenance and services work to subcontractors.

Distribution costs decreased by about $1 million or 33.1% to about $2.1 million in HY2010 from about $3.1 million in HY2009 due mainly to lower commission and bonuses for sales, marketing and support staff due to lower sales and profitability.

Total current assets decreased $3.4 million to $31.2 million as at Sept 30 from $34.6 million as at March 31.